Approximately 28% of Pennsylvania Homes Are Paid Off
Twenty-eight percent of owner-occupied homes in Pennsylvania are paid off, which is above the national rate of 27.7%, according to an analysis by Construction Coverage using U.S. Census data.
For older homeowners nationwide, this number is even higher. Nearly 63% of owner-occupied housing units are paid off by homeowners ages 65 and older. The majority of people who do not have their homes paid off (over 72%) may be left more vulnerable during periods of economic turmoil than those who have paid for their homes in full.
Among large metros with the most residents who have paid off their homes, Pittsburgh ranks No. 8 at 29.3%. Scranton-Wilkes-Barre ranks No. 13 in the midsize metro category, with 31.9% of homes paid off. Also notable, an impressive 41.0% of homes in Erie are paid off, making them the fourth most paid-off small metro in the country.
By state, Pennsylvania falls in the middle but above the national rate. The most paid-off homes are located in the West and the South, with the top five states with the most homes owned outright being Mississippi (40.2%), West Virginia (38.9%), Louisiana (35.8%), Arkansas (35.4%) and Oklahoma (34.3%).
Homeowners who continue to make mortgage payments are beginning to have more trouble doing so, as mortgage delinquency rates are trending up again after declining in recent years. As of Q3 2023, the mortgage delinquency rate was 0.72% — a significant increase from 0.27% in 2021, when pandemic-related mortgage forbearance and stimulus efforts were in full swing.
Topics
Share this post
Member Discussion
Recent Articles
-
Tri-County Realtor® Leads Efforts to Fight Hunger
- November 21, 2024
- 2 min. read
Heather Griesser-LaPierre, a member of Tri-County Suburban Realtors®, led an initiative last month to pack 238,000 meals for hurricane victims alongside fellow Realtors® and other volunteers.
-
9 Tips to Save Money When Moving
- November 20, 2024
- 3 min. read
For new homeowners, moving costs can add up quickly. Here are nine tips to keep moving costs down, from Point2.
-
Earn Pa. CE Credit at Triple Play: Agency Relationships and Disclosures
- November 19, 2024
- 2 min. read
Taught by two PAR associate counsels, “Agency Relationships and Disclosures in Pennsylvania” is a three-hour course that is a Pennsylvania SREC-required topic for the 2024-2026 continuing education cycle.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.